ETHEREUM CLASSIC VISION: ADVANTAGES OF ETCV AND DETAILS ABOUT UPCOMING FORK OF ETH

HI DEAR READERS AS YOU KNOW THAT THERE IS A UPCOMING HARDFORK IN ETH NETWORK SO TODAY WE EXPLAINED ABOUT HARDFORK AND ETCV IN OUR LATEST ARTICLE.

WHAT IS ETHEREUM CLASSIC VISION? The Ethereum Classic vision is an open-source, peer-to-peer, computing platform based on blockchain technology and the original Ethereum code. On like Ethereum, it provides a value token, or “altcoin”, called “classic ether” which is used to pay users for products and services, and as a transaction fee when using decentralized apps and smart contracts.

CURRENT MARKET PROBLEMS AND ITS SOLUTION

Scaling. Ethereum recently processes only fifteen transactions per
second, and long backlogs of transactions often form in the network. And
since the Ethereum blockchain can only process one payment at a time,
its total capacity is only as large as that of each computer in the
network. Increasing the number of nodes cannot solve the issue, and as
the number of transactions increases,processing times wil lincrease and
gas fees will rise.
The solution is to switch from the Proof-of-Work consensus algorithm
toProof-of-Stake (see below), but the transition is constantly being
delayed, and there is no indication of when it will happen.

Difficulty bomb. A very special piece of code has been introduced
into Ethereum,making it progressively more difficult and
less efficient to produce new blocks. But eventually it will
become so inefficient and unprofitable that miners will abandon
Ethereum and switch to other cryptocurrencies. All the
operations within the Ethereum network will cease (this is known as the
Ethereum ice age). The purpose of the difficulty bomb is to stimulate
the transition to PoS; however,seeing as developers can not reach an
agreement on when and how to execute the switch, the“iceage”is becoming
an evermore probable scenario.

Declining rewards. Miners’ rewards have been in decline fort he past
year due torising complexity, a slump in cryptocurrency
prices, and excessive control acquired by large mining pools. The
leadership team of Ethereum has made the situation evenworse:in an
attempt to make the network more efficient and win some time for the
transition to PoS, the decision to decrease block rewards to 2ETH was
made, provoking the anger of most miners.

FEATURES OF ETHEREUM CLASSIC VISION

The Ethereum Classic Vision aims to resolve the major issues facing Ethereum, including scaling, mining inefficiency, and high costs of data storage. The transition to Proof-of-Stake, described in Chapter one constitutes the key element of this plan, but a number of additional modules and features will also play an important role. This part introduces the solutions proposed by Ethereum Classic Vision, their advantages, and implementation plan.

ADVANTAGES OF ETHEREUM CLASSIC VISION

Energy efficiency. The PoW-based blockchains are notoriously
inefficient when it comes to electricity. The bitcoin mining
itself consumes 0.33% of the global energy usage-more than the whole
country of Denmark (or any of other 150 countries, including most states
of Africa). Electricity spent on just one bitcoin transaction could
power an average household for a whole month.

A Fair distribution of rewards. Proof-of-Stake networks do not
have block rewards–they offer only transaction fees to validators.While
these are naturally lower than the standard block reward in ETH or BTC,
the result of long-term profits can be compared to those obtained with
PoW, since operational costs are so low. As a result, even a user with a
basic $40 Raspberry Pi computer can become a validator, as long as he
or she stakes enough coins (which will come out much cheaper than buying
a miningrig).All users are put in equal conditions when earning rewards
with a PoS system like Ethereum Classic Vision.

Decentralization. If Ethereum and Bitcoin claims to be
decentralized, they are not. The creation of new coins in itself is
evermore concentrated in the hands of large mining pools (according to
some data,51% of the Bitcoin has hrateis already controlled by pools,
with over 40% owned by Bitmain alone) .Independent miners without access
to one economy of scale have all but lost hope to compete with large
rights.

The goal of ETHEREUM CLASSIC VISION is the solution of the basic problems faced by Ethereum, including scaling, the inefficiency of mining and the high cost of data storage. The transition to Proof-of-Stake is a key element of this plan, but a number of additional modules and features will also play an important role. Tokens company ETCV will be distributed free to owners of ETH 11 Jan 2019. Over the next few months, ETCV will be included among the major cryptocurrency exchanges (the project team is currently negotiating with several of them) and will be launched in its dApp development environment, where blockchain startups will be able to create and deploy new services, adding their assets to a specially created P2P exchange-Vision DEX.

DETAILS ABOUT UPCOMING ETH FORK

Upcoming ETH HardForks:

11.01.2019: All Ethereum holders will receive 3 ETCV for each ETH in their wallets.

12.01.2019: Each ETH holder receives ETN in the ratio of 1:1 for free.

Conatantinople Fork: 16.01.2019 Constantinople Mainnet hard fork scheduled for block 7080000.
The Constantinople Mainnet hard fork is arguably the most significant
fork because it is a big component of Ethereum’s transition from using a
proof of work protocol to proof of stake.

This explain the details about Ether hardfork

*ANOTHER GOOD BINANCE IS #BINANCE WILL SUPPORT ETH UPCOMING HRD FORK AND ITS REALLY VERY GOOD DICISION AND WE HOPE THEY WILL ALSO START TRADING.